March 02, 2015 12:59 AM ET

Commercial Services and Supplies

Company Overview of Consumer Financial Protection Bureau

Company Overview

Consumer Financial Protection Bureau is an independent bureau providing consumers with financial markets information. The bureau aims to implement and enforce consumer financial laws, review business practices, monitor the financial marketplace, and establish consumer website and hotline to address the complaints and questions. Consumer Financial Protection Bureau was formed in 2010 and is headquartered in Washington, District of Columbia.

PO Box 4503

Iowa City, IA 52244

United States

Founded in 2010

Phone:

855-411-2372

Fax:

855-237-2392

Key Executives for Consumer Financial Protection Bureau

Chief Financial Officer
Chief Operating Officer
Assistant Director of Mortgage and Home Equity Markets
Assistant Director of Credit Information Markets
Assistant Director of Community Affairs
Compensation as of Fiscal Year 2014.

Consumer Financial Protection Bureau Key Developments

Consumer Financial Protection Bureau Fines Delaware Company $3 Million for 'Fee-Harvester' Cards

Continental Finance Company, LLC in Delaware agreed to pay nearly $3 million in refunds and penalties for allegedly charging fees that the Consumer Financial Protection Bureau says violated federal law. The consent order announced alleges that Continental Finance Company LLC in Newark, Del., preyed on subprime borrowers with "fee-harvester" cards that were issued through a partnering credit union. The company has agreed to pay $2.7 million in refunds to about 98,000 consumers and a $250,000 penalty in addition to submitting plans for corrective actions and card agreement documentation to the CFPB for the next five years.

Consumer Financial Protection Bureau Announces New Additions to Senior Leadership

Consumer Financial Protection Bureau announced the addition of several new members to leadership positions within the Bureau. The positions being announced are: Assistant Director of Enforcement; Deputy Chief Operating Officer; Northeast Regional Director of Supervision Examination; and Chief Human Capital Officer. The following individuals were announced as joining the CFPB leadership team: Anthony Alexis will serve as the CFPB's Assistant Director of Enforcement. Mr. Alexis has previously served as Acting Assistant Director, Principal Deputy, and Deputy Assistant Director for Field Litigation for the CFPB's Office of Enforcement. Before joining the Bureau, he was a complex litigation and white collar partner at Mayer Brown LLP in its Washington, D.C. office. Mr. Alexis served as an Assistant United States Attorney in the District of Columbia for 13 years where he worked in the civil and criminal divisions. Mr. Alexis also spent four years at the Department of Justice, where he served as a trial attorney in the Department's Commercial Litigation Branch. Early in his career, Mr. Alexis clerked on the U.S. Court of Appeals for the Eighth Circuit and the U.S. District Court for the Eastern District of Missouri in St. Louis. Leandra English is returning to the CFPB to serve as the Deputy Chief Operating Officer. Ms. English joins the Bureau from the Office of Management and Budget where she served as a senior advisor and chief of staff to the Deputy Director of Management. Prior to that, Ms. English helped to launch the CFPB, working in a number of senior leadership roles including deputy chief of staff. Before joining the CFPB, Ms. English served at the Department of the Treasury and the Office of Management and Budget. Agnes Bundy Scanlan is joining the CFPB to serve as the Northeast Regional Director of Supervision Examinations. Mrs. Bundy Scanlan has had a long career in regulatory and compliance risk management. Most recently, she worked as a senior risk advisor at Treliant Risk Advisors and before that spent three years serving as the Chief Compliance Officer at TD Bank. She has served in similar roles to her position at TD Bank at a number of other financial institutions including FleetBoston Financial Group. Mrs. Bundy Scanlan also served as counsel for the Senate Budget Committee. Jeffrey Sumberg is joining the CFPB to serve as the Chief Human Capital Officer. Mr. Sumberg has 27 years of senior human capital experience in the federal government and private sector. Most recently, Mr. Sumberg worked as a senior leader in the human capital practice of Deloitte Consulting. Before that, he served in the public sector as a senior executive for 12 years with the U.S. Office of Personnel Management where he directed human capital programs. Mr. Sumberg began his career as a labor lawyer representing federal sector unions and federal workers in the courts and before administrative agencies.

Consumer Financial Protection Bureau Fines Banks for Mortgage Kickbacks

Wells Fargo and JPMorgan Chase have been ordered to pay $35.7 million in penalties for "illegal mortgage kickbacks" as a result of the joint investigation by the Consumer Financial Protection Bureau, the state of Maryland and the Maryland Insurance Administration. In violation of the Real Estate Settlement Procedures Act, the CFPB said both banks allegedly participated in an "illegal marketing-services-kickback scheme" with Genuine Title of Maryland, which went out of business in April of last year. The CFPB said Genuine Title gave the banks' loan officers cash, marketing materials, and consumer information in exchange for business referrals.

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